The newest shareholder letter from DeFi Growth Corp., a Nasdaq-listed Solana treasury firm, exhibits that its absolutely transformed SOL per share has grown 108% over the previous 12 months, rising from 0.0322 on Could 13, 2025, to 0.0670 on Could 13, 2026.
The expansion is notable as a result of it got here throughout a tough interval for Solana’s worth motion, notably within the first quarter of 2026, the place the SOL worth has been battling bearish momentum.
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Solana Treasury Progress Exhibits A New Supply Of Demand
In keeping with a Could shareholder letter from DeFi Growth Corp., a Solana treasury firm, the corporate has greater than doubled its absolutely transformed SOL per share into 108%.
The 108% development highlighted by DeFi Growth Corp. relies on SOL per share, a metric the corporate makes use of to measure how a lot Solana backs every absolutely transformed share. The corporate reported 2,294,576 SOL and SOL equivalents as of Could 13, 2026, with roughly 34.2 million absolutely transformed shares excellent. Apparently, its absolutely transformed SPS rose 1% from March 30 to Could 13 and 108% from the identical date final 12 months to 0.0670 as of Could 13, 2026.
DeFi Growth Corp. shouldn’t be merely shopping for SOL and ready for worth appreciation. The corporate stated greater than 25% of its treasury is deployed onchain, whereas its validator operations generate about 7.5% yield in comparison with roughly 3.9% from staking SOL by way of Coinbase. The shareholder letter additionally estimated that this unfold represents about $7.6 million in annualized incremental yield on its present treasury.
What This 108% Progress Means For Solana Worth
This 108% development in DeFi Growth Corp.’s absolutely transformed SOL per share exhibits that Solana is starting to draw the identical type of company treasury conviction much like Bitcoin and Ethereum. Bitcoin has had firms akin to Technique, Metaplanet, and MARA Holdings constructing steadiness sheet methods round BTC. Ethereum has additionally developed its personal treasury class, with firms like BitMine Immersion Applied sciences.
DeFi Growth Corp.’s technique is constructed round accumulating SOL, staking it, deploying a part of it throughout Solana DeFi, and utilizing capital markets solely when it could enhance SOL publicity per share. This implies SOL is attracting a class of demand that’s extra structured than regular spot-market shopping for.
Apparently, DeFi Growth Corp. is one of some different firms that maintain SOL as their main company reserve asset. Different firms like Ahead Industries, Inc. and Upexi Inc. even have hundreds of thousands of SOL tokens on their steadiness sheets.
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This has actual worth implications for Solana, as this creates a distinct type of demand base. Treasury firms like these talked about above are long-term holders. Retail demand can disappear rapidly, however company treasury demand is extra structured and often tied to long-term conviction.
Featured picture from Bunq, chart from TradingView